Purepoint Uranium Group Inc. Hook Lake JV Partners Approve Largest Exploration Budget to Date
TORONTO, ONTARIO--(Marketwired - Nov 17, 2015) - Purepoint Uranium Group Inc. (TSX VENTURE:PTU) today announced that the Hook Lake Joint Venture Partners have approved their exploration plans and budget for the 2016 year. The Hook Lake JV project is owned jointly by Cameco Corp. (39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%). Current exploration is targeting the Patterson Lake Corridor, the same conductive trend which not only hosts Fission's Triple R deposit, but as well the Arrow Discovery by NexGen Energy Ltd. and the Company's own Spitfire Discovery.
"We are pleased to see the importance placed on this program by our partners Cameco and AREVA as evidenced by their ongoing financial commitment," said Chris Frostad, Purepoint's President & CEO. "We are looking forward to advancing our most recent discoveries and expanding the boundaries of this emerging uranium district".
Highlights:
- An exploration program and budget has been approved by the Hook Lake JV Partners (AREVA Resources Canada Inc. and Cameco Corp.) that includes two drills and approximately 6,000 metres of drilling this coming winter;
- At the Spitfire Zone, a high priority exploration target will be the 300 metres of untested ground between HK15-27 (12.9% U3O8 over 0.4 metres within 2.23% U3O8 over 2.8 metres) and HK14-09 (1.1% U3O8 over 0.5 metres within 0.3% U3O8 over 6.2m);
- HK15-33, the last hole of the season and a 40 metre step-out up-dip from the HK15-27 high grade mineralization, returned 0.18% U3O8 over 6.8 metres;
- True thickness of the mineralization is expected to be 75 to 85% of the intersection lengths;
- Spitfire high-grade mineralization remains open in most directions while the mineralized trend remains relatively untested for an additional eight kilometers to the northeast; and
- Boron enrichment is consistently associated with the Spitfire mineralized intercepts and has an open trend towards the northeast.
Hook Lake JV Project
The Hook Lake JV project is owned jointly by Cameco Corp. (39.5%), AREVA Resources Canada Inc. (39.5%) and Purepoint Uranium Group Inc. (21%) and consists of nine claims totaling 28,683 hectares situated in the southwestern Athabasca Basin. The Hook Lake JV is considered one of the highest quality uranium exploration projects in the Athabasca Basin due to its location along the prospective Patterson Lake trend and the relatively shallow depth to the unconformity. With the proposed 2016 program at Hook Lake, there is tremendous potential to expand the Spitfire mineralization and discover new deposits.
Three prospective structural "corridors" have been defined on the property, each corridor being comprised of multiple EM conductors that have been confirmed by drilling to result from graphitic metasediments that intersect the Athabasca unconformity.
Current exploration is targeting the Patterson Lake Corridor, the same conductive trend which not only hosts Fission's Triple R deposit, the Arrow Discovery by NexGen Energy Ltd. where hole AR-15-44b returned 11.55% U3O8 over 56.5 metres (NexGen press release of June 15, 2015) and the Spitfire Discovery by the Hook Lake JV.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its eight projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corp. and AREVA Resources Canada Inc. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade. Purepoint is actively advancing a large portfolio of multiple drill targets in the world's richest uranium region.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release. Mr. Frostad has supervised the preparation of, and approved the scientific and technical disclosures in, this news release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contact
Purepoint Uranium Group Inc.
Chris Frostad
President and CEO
(416) 603-8368
www.purepoint.ca